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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d07553exv99w1.txt
<DESCRIPTION>PRESS RELEASE
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                                                                    EXHIBIT 99.1

                           PERMIAN BASIN ROYALTY TRUST


                                                                    NEWS RELEASE



                           PERMIAN BASIN ROYALTY TRUST
                        ANNOUNCES JULY CASH DISTRIBUTION


         DALLAS, TEXAS, JULY 18, 2003 - Bank of America, N.A., as Trustee of the
Permian Basin Royalty Trust (NYSE - PBT), today declared a cash distribution to
the holders of its units of beneficial interest of $0.054215 per unit, payable
on August 14, 2003, to unit holders of record on July 31, 2003.

         This month's distribution decreased from the previous month primarily
due to lower production. Production for Waddell Ranch and the Texas Royalty
Properties combined for oil and gas respectively was 58,827 bbls and 249,323
mcf. The average price for oil was $26.36 per bbl and for gas was $4.48 per mcf.
This would primarily reflect production for the month of May. Capital
expenditures were approximately $483,428. These numbers provided reflect what
was net to the Trust.

         For more information on Permian Basin Royalty Trust, please visit our
website at www.pbt-permianbasintrust.com.


                             *        *        *


         Contact:   Ron E. Hooper
                    Senior Vice President
                    Bank of America, N.A.
                    Toll Free - 877.228.5085




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